WEST PALM BEACH, Fla.,
July 21, 2011 /PRNewswire/ --
China Nuvo Solar Energy, Inc. (OTCQB: CNUV) today
announced that it has signed a Definitive Agreement to acquire
medical and surgical supply company SurgLine, Inc. ("SurgLine").
Pursuant to the terms of the Agreement, China Nuvo Solar
("Company") would acquire one hundred percent of the outstanding
common stock of SurgLine. The closing of the transaction is subject
to customary closing conditions including among other things, the
completion of the schedules, the certified audit of SurgLine,
accompanying due diligence as well as any necessary approvals.
The parties believe the transaction will close by
August 31, 2011. Further details of
the agreement will be released in the near future. The Company will
continue to trade under the stock ticker "CNUV" with SurgLine
becoming a wholly owned subsidiary of the Company, upon the
completion of the transaction
Industry experts estimate the healthcare sector consumes over
16% of the economy and is growing, combined with the 70 million
baby boomers that have entered or will be entering retirement age
putting additional pressure on the healthcare system.
"This acquisition of SurgLine is an exciting opportunity for the
Company and is part of our strategy to increase shareholder value.
The SurgLine business model is to help reduce costs in
healthcare by providing high quality medical and surgical products
for a significantly lower cost, thereby reducing the historical
brand premium markup being paid by healthcare end users, including
hospitals, outpatient surgery centers, medical clinics and
physicians," stated Henry Fong, CEO
of China Nuvo Solar Energy.
"SurgLine's business model is to become the value leader in high
quality, low cost surgical products. Our signature product line,
Surg, is designed to be of equal or better quality, than
national brands. We sell products through our established
distribution network and institutional buyers through key industry
relationships. Our management team has over 100 years of
healthcare experience and has built and developed signification
relationships with distributors, institutional buyers and global
manufacturers. We believe our sourcing and competitive
advantage is based on our years of international business
relationships with nearly 200 worldwide manufacturers. This
allows us to source high quality, high volume, high margin products
and pass the cost savings to our customers," commented Tom Toland, CEO and Founder of SurgLine.
About SurgLine, Inc.
SurgLine (www.surgline.com) sources and distributes high quality
medical products at discount prices, thereby reducing the
historical brand premium paid by healthcare providers. SurgLine
offers medical and surgical supplies and products at substantial
savings through stocking distributors and institutional buyers by
sourcing products globally without the historical brand premium and
industry markup. SurgLine's management team is well-respected and
experienced in the healthcare industry.
About China Nuvo Solar Energy
China Nuvo Solar Energy, Inc. is a development stage company
that owns unique patent pending solar and photovoltaic related
technology.
This press release may include forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. These
statements are based on the Company's current expectations as to
future events. However, the forward-looking events and
circumstances discussed in this press release might not occur, and
actual results could differ materially from those anticipated or
implied in the forward-looking statements.
For Further Information Contact:
Henry Fong, President
(561) 514-9042
SOURCE China Nuvo Solar Energy, Inc.